Ouch! DoubleLine Raids TCW Again for More Talent

The focus has now turned to equity analysts, as the fixed-income shop makes a push to broaden its investment horizons.

By Janet Levaux, Joyce Hanson|March 22, 2013 at 08:37 AM

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DoubleLine Equity, the fixed-income investment firm started by former TCW star Jeffrey Gundlach (left), said Friday that it has nabbed three equities analysts and an equities trader from its rival investment firm as part of a broader effort to boost its capabilities.

The equity analysts, Jonathan Ainley, Brian Shim and Kristine Smith, and the equities trader, Rodney Boone—all of whom worked previously at TCW—joined DoubleLine, along with Sunny Ommanney, an analyst who served recently as CEO of the Nyima Foundation after working for Lazard Freres and Provident Investment Counsel.

The new team will focus on investment strategies under the leadership of portfolio managers Husam Nazer and Brendt Stallings.

“A deep, dedicated research team is crucial to uncover the opportunities of our asset class,” Stallings said in a statement. “We have that team in place today, supported by the infrastructure of DoubleLine.”

During their time at TCW Group, Stallings and Nazer previously headed the Small and Mid-Cap Growth Equities Group, which had $5 billion under management at one point.

In February, TCW and global alternative asset manager The Carlyle Group announced the completion of Carlyle’s acquisition of TCW from Société Générale, creating an independent firm. Equity for the investment came from two Carlyle investment funds and from TCW management. The funds are Carlyle Global Financial Services Partners, a $1.1 billion financial services fund, and Carlyle Partners V, a $13.7 billion U.S. buyout fund.

TCW officials declined to comment on DoubleLine’s new hires.

Gundlach, the ex-chief investment officer of TCW, left the firm to launch DoubleLine in December 2009 with more than 40 of his colleagues. DoubleLine Equity started its operations this January. With the new hires, the DoubleLine Equity team now includes seven investment professionals.

“We have reconstituted the core of our original research and trading team,” Nazer said. “In addition, we are carefully recruiting talent from other firms. I expect DoubleLine will bring aboard one or two more equity analysts in the months ahead.”

DoubleLine employs more than 90 people, is majority-owned by its employees and manages more than $53 billion in asset allocation, bond and stock strategies.

In addition to the $53 billion he has brought in, Gundlach also has amassed a colorful reputation not only as an industry forecaster and pundit but as a chaos-courting character. In September, Gundlach held a press conference to announce his offer of a $1.7 million reward for the return of stolen art on his property.

Well before then, he was known for his controversial firing by TCW–and for taking a few dozen colleagues with him when he walked out the door and started his own firm. Within less than three months, DoubleLine Capital had accumulated $1 billion in AUM.

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